The Canadian economy lost jobs for the second month in a row as the unemployment rate climbed to its highest level since May 2016, excluding the pandemic period.
Statistics Canada said Friday the unemployment rate ticked up to 7.1 percent in August, its highest level since August 2021, as the economy lost 66,000 jobs for the month.
The report follows the July labour force survey that showed a loss of 41,000 jobs and an unemployment rate of 6.9 percent.
A poll of economists heading into the release had expected August to show a gain of 10,000 jobs and the unemployment rate to rise to seven percent for the month, according to LSEG Data & Analytics….